Market Update

The Housing Hustle and Bustle in Phoenix AZ

This time of year we’re usually dealing with the hustle and bustle of the holidays but the housing market might be the bigger news this year.  The inventory levels are still hovering around 1 month and have held steady all through the fall which has felt more like a spring market to us than a fall market.  There are still multiple offers on many properties and the $200-$400k price range is still by far the most popular with considerably more showings than any other price range.  Distressed sale activity remains very low (foreclosures and short sales) and they make up 0.04% of total sales just like the month before.  Meanwhile, rental rates are through the roof, the interest rates are crazy low and we are staying home more than ever these days so buying right now just makes a lot of sense for many people.
 
Search local deals on our Maricopa County Deal Page: https://katielambert.exprealty.com/ask/da5773dd141a66efd862187a6ff5dce2
 

The Upcoming Holidays and Phoenix Real Estate

Yes, the holidays are coming up and, yes, you should sell your home if you have been thinking about it.  Rates are still very low and inventory is low too but it is creeping up and we have noticed fewer offers on listings here and there.  We don’t see the holiday season having much of a negative impact on home sales as we head into the end of the year.  Now is really the perfect time to list.  Many buyers wish to be settled before the holidays begin.

Find out your home’s value here: https://www.teamevoaz.com/sell.php

Rates are still Low and Inventory is slowly Climbing

Yep, the mortgage rates are still lower than any of us have seen in 50 years… this is huge.  If you haven’t bought something yet, do it before this changes.  Seriously… even if prices dropped (which isn’t likely from what we are seeing) but rates increased, you may be paying more than you would if you took the plunge today.  See this interesting graphic:

Here we are just a small amount up in inventory from last month.  Hey…we’ll take it!!  It was getting crazy out there…maybe the property fights will die down a little!  LOL 

Buyers, there’s hope, I promise! Phoenix Real Estate Market Update

 

Phew… last month was absolute insanity, just like July for us here in the Phoenix area.  Thankfully though, August brought us a few more listings which we desperately needed.  Sellers, that doesn’t mean we’re good…we still need your homes to sell to all these hungry buyers we have.    Interest rates are still unbelievably low which has the lenders in somewhat of a refinance frenzy along with all the purchase money loans.  Oh and that new refinance fee was postponed until December 1st.

Phoenix Area Housing Inventory Levels are Astonishingly Low

In 14 years of selling homes here in the Phoenix area, I’ve never experienced such low inventory levels.  Sellers!   List your homes now.  It’s very much needed and you’ll do very well in this sellers market.  We have been experiencing some issues with appraisals though.  The bidding wars are causing pricing in some areas to soar well above appraised values and that is requiring renegotiating in some circumstances.  Contact me to discuss pricing or if you have questions on navigating this current market as a buyer.